The Independence Principle of Letters of Credit and Demand Guarantees

Nelson Enonchong

The first work to focus on the important autonomy principle relating to both letters of credit and demand guarantees

Considers the extent to which exceptions to the principle are, and should be, permitted

Includes discussion of cases from Australia, Canada, USA and Singapore to illustrate further difficult points or provide further lines of argument

Combines an authoritative account of the rules with thought-provoking analysis

The Independence Principle of Letters of Credit and Demand Guarantees

Nelson Enonchong

Description

The Independence Principle of Letters of Credit and Demand Guarantees offers a comprehensive and authoritative analysis of the principle of independence, a fundamental element of Letters of Credit and Demand Guarantees. It examines the key issues involved in the practical application of this principle and the increasing exceptions to it, including a detailed account of the rules in this area.

Beginning with an elementary account of the law of Letters of Credit and Demand Guarantees, the following chapters guide practitioners on the parameters of the Independence Principle. It will discuss the limitations of the principle, and assess whether new exceptions should be introduced.

With English law and practice as the main focus of the work,
comparisons to other major common law jurisdictions (including Australia, Canada, USA and Singapore) will be made where relevant and instructive.

The landscape of the law in this area has changed markedly as a result of judicial decisions within the last five years, including decisions of the House of Lords, the Court of Appeal and the High Court. The fully updated analysis takes into account all the important developments that have taken place in this field in recent years and will prove a valuable reference tool to practitioners and academics alike.

The Independence Principle of Letters of Credit and Demand Guarantees

Nelson Enonchong

Table of Contents

1. Introduction2. The Nature of Letters of Credit and Demand Guarantees3. The Independence Principle4. Restrictions in the Underlying Contract5. The Fraud Exception6. A Nullity Exception?7. The Illegality Exception8. An Unconscionability Exception9. Provisional Measures10. Restitution from Beneficiary11. Conclusion

The Independence Principle of Letters of Credit and Demand Guarantees

Nelson Enonchong

Author Information

Nelson Enonchong is Barber Professor of Law at the University of Birmingham. His primary area of expertise is in the fields of Contract, Commercial and Restittution Law. As a qualified Barrister, Professor Enonchong has commercial experience and advises practitioners working on complex commercial transactions.

The Independence Principle of Letters of Credit and Demand Guarantees

Nelson Enonchong

Reviews and Awards

"The size of the book is a tribute to Professor Enonchong's ability to deal succinctly and clearly with the various problems that have been discussed in it."
--Satish J. Shah, Journal of the Commonwealth Lawyers' Association

"Overall, the book provides readers with sound understanding and with a complete analysis of the independence principle of Letters of Credit and Demand Guarantees."
--Gabriel Gómez Giglio, Journal of International Banking Law and Regulation